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Author:Wilson, Daniel J. 

Journal Article
Relative comparisons and economics: empirical evidence

This Letter reviews the empirical evidence on the extent to which individuals' sense of well-being or happiness is related to metrics of the well-being of others.
FRBSF Economic Letter

Working Paper
Fiscal spending multipliers: evidence from the 2009 American Recovery and Reinvestment Act

This paper estimates the ?jobs multiplier? of fiscal spending using the state-level allocations of federal stimulus funds from the 2009 American Recovery and Reinvestment Act (ARRA). Specifically, I estimate the relationship between state-level federal ARRA spending and state employment outcomes from the time the Act was passed (February 2009) through the latest month of data (currently May 2010). Because actual state allocations of stimulus spending may be endogenous with respect to state economic outcomes, I instrument for stimulus spending using the state allocations that were anticipated ...
Working Paper Series , Paper 2010-17

Journal Article
Is the recent productivity boom over?

Productivity growth has been quite strong over the past 2 years, despite a drop in the second quarter of 2010. Many analysts believe that productivity growth must slow sharply in order for the labor market to recover robustly. However, looking at the observable factors underlying recent productivity growth and the patterns of productivity over past recessions and recoveries, a sharp slowdown appears unlikely. ; This Economic Letter examines the risks to this forecast, first looking at how productivity growth has fared in past recessions and recoveries. Then it considers where recent gains ...
FRBSF Economic Letter

Journal Article
Fiscal headwinds: Is the other shoe about to drop?

Federal fiscal policy during the recession was abnormally expansionary by historical standards. However, over the past 2 years it has become unusually contractionary as a result of several deficit reduction measures passed by Congress. During the next three years, we estimate that federal budgetary policy could restrain economic growth by as much as 1 percentage point annually beyond the normal fiscal drag that occurs during recoveries.
FRBSF Economic Letter

Journal Article
Research on the effects of fiscal stimulus: symposium summary

On May 9, 2008, just as the first rebate payments were starting to land in taxpayers' checking accounts, the Center for the Study of Innovation and Productivity (CSIP) hosted a symposium on "Research on the Effects of Fiscal Stimulus." The symposium featured four of the foremost economic experts on fiscal policy who spoke about countercyclical fiscal policy and the likely impact of the most recent stimulus package. This Economic Letter summarizes their remarks. ; Presentations are listed at the end, and three of the four are available at http://www.frbsf.org/csip/index.php.
FRBSF Economic Letter

Working Paper
IT and beyond: the contribution of heterogeneous capital to productivity

This paper explores the relationship between capital composition and productivity using a unique and remarkably detailed data set on firm-level investment in the U.S. Using cross-sectional and longitudinal regressions, I find that several capital types, including computers, communications equipment, and software, are associated with current and subsequent years? productivity. The implied marginal products are derived and compared to official data on rental prices; substantial differences exist for a number of key capital types. I also provide evidence of complementaries and substitutabilities ...
Working Paper Series , Paper 2004-13

Journal Article
Productivity in the Twelfth District

FRBSF Economic Letter

Journal Article
Are we running out of new ideas? a look at patents and R&D

FRBSF Economic Letter

Journal Article
Residual seasonality and monetary policy

Much recent discussion has suggested that the official real GDP data are inadequately adjusted for recurring seasonal fluctuations. A similar pattern of insufficient seasonal adjustment also affects the published data for a key measure of price inflation. Still, such residual seasonality in the published output and inflation statistics is unlikely to mislead Federal Reserve policymakers or adversely affect the setting of monetary policy.
FRBSF Economic Letter

Journal Article
Fueling road spending with federal stimulus

Highway spending in the United States between 2008 and 2011 was flat, despite the serious need for improvements and the big boost to state highway funds from the Recovery Act of 2009. A comparison of how much different states received and spent shows that these federal grants actually boosted highway spending substantially. However, this was offset by pressures to reduce state highway spending due to plummeting tax revenues. In fact, analysis suggests national highway spending would have fallen roughly 20% over this period without federal highway grants from the Recovery Act.
FRBSF Economic Letter

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